来伊份20260626

Summary of the Conference Call for Laiyifen Company Overview - Laiyifen is actively transforming its traditional stores into lifestyle stores, modeled after Japan's OK store concept, to meet the small-scale needs of families and enhance shopping experiences. [2][8] Key Points and Arguments Lifestyle Store Development - Over 80 lifestyle stores have been opened, with plans to primarily develop through a franchise model. [2][6] - The average daily sales per lifestyle store are approximately 8,000 RMB, with a net profit margin of around 8%. The payback period is estimated at 24 months. [2][9] - The company aims to adjust the ratio of direct-operated stores to 20% or 10%, with current franchise stores accounting for 52% and direct-operated stores for 48%. [10] Franchise Model and Profitability - Most franchise stores are profitable, with an average payback period of 18 to 22 months. [11] - The initial investment for converting old stores to franchise stores is calculated based on net asset prices, while new stores in Shanghai require approximately 400,000 RMB for traditional stores and 700,000 to 800,000 RMB for lifestyle stores. [11] Whisky Business - The whisky business operates through two main models: overseas OEM and local maturation of Scottish whisky. Current sales are around 2 to 3 million RMB, primarily through B2B channels. [4][5] - Future expansion in the whisky segment will depend on achieving suitable sales volumes. [4] Financial Goals and Challenges - The primary operational goal for 2025 is revenue growth, with profit release points focused on cost reduction and enhancing single-store performance. [4][15] - The main obstacle to profitability is the high direct operating costs associated with direct-operated stores. Transitioning to a franchise model is expected to reduce these costs. [23][44] Store Expansion and Strategy - The company plans to increase the total number of stores to between 3,200 and 3,300 by the end of 2025, considering potential closures. [21][22] - The lifestyle store model is positioned to cater to the evolving consumer trends, particularly among younger demographics seeking diverse product offerings. [8][19] Collaboration and Supply Chain - Laiyifen has formed a joint venture with Yangcanji, holding a 51% stake, to leverage its advantages in fresh products and online revenue. [2][33] - The joint venture is expected to reflect revenue and net profit in the second quarter report. [33] Market Positioning and Consumer Trends - Lifestyle stores are designed to meet the weekly food and beverage needs of families, with a focus on enhancing shopping experiences through a wider range of SKUs and temperature-controlled products. [8][9] - The average transaction value in lifestyle stores is between 130 to 150 RMB, compared to 100 to 110 RMB in traditional stores. [28] Additional Important Information - The company is currently undergoing management adjustments to improve efficiency, particularly in managing franchise and direct-operated stores. [24] - The lifestyle store's self-owned brand products account for about 60%, while non-self-owned brands make up 40%. [19][20] - The collaboration with Tencent is progressing normally, focusing on traditional business team cooperation. [32] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Laiyifen's transformation efforts, financial goals, and market positioning.